Wragge & Co's Real Estate team has advised on the purchase of a landmark commercial property in the heart of Manchester's business district in a deal worth £20 million.

The team negotiated the purchase of Vantage Point on behalf of longstanding client Lothbury Property Trust. Kuit Steinart Levy advised the sellers, Hardman Estates, on the disposal of the 50,000 sq ft 10-storey property in the city's Spinningfields district.

Peter Thorne, a partner in Wragge & Co's Real Estate team, said: "This acquisition demonstrates that there are good investment opportunities beyond the south east and that there is confidence in the growth of business in the UK's regional cities.

"Thanks to everyone's positive and pragmatic approach a successful purchase was negotiated and this premium commercial space already has several occupiers."

AIB Group (UK) plc ocupies the top three floors of the development, as well as a retail banking unit at ground level.

Lothbury Property Trust specialise in property investment opportunities. Based in Ireland the fund has more than 40 properties and assets worth £762 million.

Noted in Chambers UK 2013 for its "excellent quality of advice", Wragge & Co's real estate practice offers specialist expertise across the whole real estate sector. It acts for a wide range of investors, developers, major corporates, financial institutions, housing associations and local authorities.

Stand-out projects in London include the £2 billion regeneration of New Covent Garden Market and the development of a one million sq ft London Distribution Park at the Port of Tilbury. The team also recently advised long-standing client Ballymore on the £200 million sale of Royal Wharf in London.